AN ANALYSIS OF EVOLUTIONARY CRYPTOCURRENCY MARKET DYNAMICS

Year 2020, Volume: 19 Issue: 74, 611 - 629, 01.04.2020

Cem Çağri Donmez , Ahmet Fatih Dereli M.bilal Horasan Cagri Yıldız

https://doi.org/10.17755/esosder.554146

Abstract

The focus of this research is to describe and discuss future blockchain technology in relation to different forms of digital cryptocurrencies by investigating distinct characteristics and common features of cryptocurrencies on the market. This research explores significant relationships between the major cryptocurrencies on the complex cryptocurrency market ecosystem, particularly Bitcoin and the most prominent altcoins based on historical market capitalization data for the last two years. In this work cross-correlations between different cryptocurrencies are examined in terms of changes in the market capitalization value. For the comparative analysis minimum spanning tree (MST) and hierarchical structure tree (HST) methods are applied in the context
of economic behaviour of cryptocurrencies with regard to global cryptocurrency market trends. 

Keywords

Blokzinciri, Kayıtzinciri, Kripto Paralar, Korelasyon Matrisi, Asgari Yayılma Ağacı, Analitik Hiyerarşi Süreci

AN ANALYSIS OF EVOLUTIONARY CRYPTOCURRENCY MARKET DYNAMICS

Abstract

The focus of this
research is to describe and discuss future blockchain technology in relation to
different forms of digital cryptocurrencies by investigating distinct
characteristics and common features of cryptocurrencies on the market. This
research explores significant relationships between the major cryptocurrencies
on the complex cryptocurrency market ecosystem, particularly Bitcoin and the
most prominent altcoins based on historical market capitalization data for the
last two years. In this work cross-correlations between different
cryptocurrencies are examined in terms of changes in the market capitalization
value. For the comparative analysis minimum spanning tree (MST) and hierarchical
structure tree (HST) methods are applied in the context of economic behaviour
of cryptocurrencies with regard to global cryptocurrency market trends.

Keywords

Blockchain, Cryptocurrencies, Correlation matrix, Minimum Spanning Tree, Hierarchical Structure Tree

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